Best Bank Accounts for Children Canada 2026 — Ages 0–12

Updated March 2026 · 10 min read

Opening a bank account for your child is one of the best early financial literacy investments you can make. Canadian banks offer savings accounts and starter accounts for children from birth. Here's what's available in 2026 for kids under 12.

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Best Children's Bank Accounts Canada 2026

Bank	Account Name	Age Range	Monthly Fee	Interest Rate	Special Features
RBC	Leo's Young Savers Account	0–12	$0	Tiered (low)	Leo character branding, savings tracking
TD	TD Every Day Savings Account (minor)	0–17	$0	Low base rate	Parent-managed, no debit card
BMO	BMO Savings Amplifier / Youth	0–17	$0	Competitive	Savings goals feature in app
Scotiabank	Scotiabank Getting There Savings Program	Under 18	$0	Low	Scene+ points available
CIBC	CIBC Youth Account	0–13	$0	Low	Parent-controlled access
Credit Unions	Various	0+	$0	Often higher	Community-focused, dividend accounts

RBC Leo's Young Savers Account — Best for Ages 0–12

RBC Leo's Young Savers Account is designed specifically for children from birth to 12 years old. The account is opened by a parent or guardian and features RBC's "Leo the Lion" mascot to make banking engaging for young children. There is no monthly fee. The account earns a tiered interest rate (low by HISA standards) and does not come with a debit card — parents manage the account until the child is old enough to transition to a youth account.

Key features:

No monthly fee
Parent/guardian as primary account holder
Savings tracking tools in RBC's mobile app
Transitions to RBC Student Banking at age 13
Can be used as RESP contribution holding account (separate product)

TD Children's Savings Accounts

TD doesn't brand a specific "children's account" as prominently as RBC, but parents can open a TD Every Day Savings Account for a minor. The parent acts as a joint account holder with guardian status until the child is 18. No monthly fee, no debit card for young children, and the account earns a modest interest rate. For higher interest on children's savings, consider linking a TD HISA once balances grow.

Mydoh (RBC) — Best Spending Account for Kids 6–12

For children who are old enough to have a debit card and make purchases (roughly ages 6–12), Mydoh by RBC offers a purpose-built product. Parents control spending limits, assign chores for allowance payments, and receive real-time notifications of all purchases. It's $2.99/month for the whole family (up to 5 children). This is different from a savings account — it's a spending tool designed for financial education. Full Mydoh review in our youth accounts guide →

Credit Union Children's Accounts — Often the Best Interest Rates

Many Canadian credit unions offer children's savings accounts with higher interest rates than Big 5 banks. Credit unions in Ontario (DUCA), BC (Coastal Capital), and Quebec (Desjardins) often pay 1.5–3%+ on children's savings balances. Some credit unions also distribute annual dividends to members, which can boost returns. The trade-off: limited ATM networks and regional availability.

Should You Use a TFSA or RESP Instead?

Children under 18 cannot hold a TFSA in their own name (TFSA eligibility starts at 18 with a SIN). However, parents can contribute to a child's RESP (Registered Education Savings Plan), which grows tax-sheltered and attracts the Canada Education Savings Grant (CESG) — 20% on the first $2,500 contributed annually, for a maximum $500/year government grant. An RESP is almost always a better vehicle for saving for a child's education than a regular savings account.

Open a children's savings account for allowance and gifts, but direct education savings into an RESP where possible to maximize CESG grants.

Teaching Children About Money With a Bank Account

A bank account is one of the best financial education tools for children. Age-appropriate activities:

Ages 4–6: Show them the bank statement. Count the money together. Introduce the concept of saving before spending.
Ages 7–10: Open a joint account with them. Bring them to the branch to make deposits of birthday money. Explain interest.
Ages 11–13: Introduce the concept of goals — save for a specific item. Compare how long it takes to save vs earning interest.
Ages 13–17: Transition to a youth chequing account with a debit card. Teach them about NSF fees, overdraft, and budgeting.

How to Open a Children's Bank Account in Canada

Visit any branch of the bank with the child and your own government-issued photo ID.
Bring the child's birth certificate or passport as proof of identity.
Provide the child's SIN (if they have one — a SIN can be obtained for a child from birth at a Service Canada office).
You will be the primary account holder; the child may be listed as beneficiary or joint holder depending on the bank's structure.

When Your Child Turns 18 — KOHO is the Best First Adult Account

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